Kinross to sell halted Ecuador gold project to Lundin company

Section:

By Nicole Mordant
Reuters
Tuesday, October 21, 2014

Kinross Gold Corp has agreed to sell its halted Fruta del Norte gold project in Ecuador to a company belonging to the Swedish-Canadian Lundin family for $240 million, Kinross and the company, Fortress Minerals Corp., said today.

Toronto-based Kinross acquired the project in 2008 with its $1.2 billion friendly takeover of Aurelian Resources, and once called it "one of the most exciting gold discoveries of the past 15 years."

But last year it suspended work on the gold project, Ecuador's largest, saying the government had refused to compromise over a 70 percent windfall tax. Last June Kinross took a $720 million charge on the project and has been looking to sell it.

The government of Ecuador has indicated its support for the transaction, Kinross said. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/10/21/kinross-fortress-ecuador-idUSL...



ADVERTISEMENT

Own Allocated -- and Most Importantly --
Segregated Coins and Bars In Switzerland

Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors.

GoldCore can accomplish this for you.

Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here:

http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland

Email the GoldCore team at info@goldcore.com or call our trading desk:

UK: +44 (0)203 086 9200 -- U.S.: +1-302-635-1160 -- International: +353 (0)1 632 5010



Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...

Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014

http://www.minesandmoney.com/london/

Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015

http://cambridgehouse.com/event/33/vancouver-resource-investment-confere...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16